A closely followed pseudonymous analyst outlined a potential path for Bitcoin BTC/USD to reach $83,000 and setting a short-term target for Ethereum ETH/USD at $2,500.
What Happened: An analyst known as Rager expects a speculative surge in Bitcoin's price leading up to the much-anticipated ETF approval, predicting a rise to $48,000 by mid-January.
However, this ascent is expected to be followed by a significant pullback, with Bitcoin's value potentially dropping to the mid or low $30,000s.
The analyst envisions a rally post-halving, projecting a new high in late 2024. This upward trajectory is expected to culminate in an early to mid-2025 peak, potentially reaching as high as $83,000.
According to Rager, this peak will mark the zenith of the bull market, with the third quarter of 2025 signaling its end.
Also Read: Bitcoin ETF Approval: Mark Your Calendars For January As SEC Decides Crypto's Fate
Rager suggests a more gradual increase in strength for Ethereum. The analyst sets a short-term price target of around $2,500 for Ethereum, noting its recent positive performance over the weekend.
However, Rager expresses caution about weekend price pumps, implying that such short-term spikes may not always indicate a stable upward trend.
Why It Matters: These predictions come at a time of heightened interest and speculation in the cryptocurrency market.
Rager's forecast, if realized, could signify a significant shift in the crypto landscape, potentially influencing investor strategies and market dynamics.
Read Next: Starknet's Treasure Chest Unlocks: Provisions Portal Leak Reveals Token Distribution Plans
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
